Russia considers issuing gold-backed stablecoin, lawmaker confirms.
Russia may issue a stablecoin backed by gold for international settlements, a high-ranking member of the Russian parliament has admitted.
1 hour ago Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted.said Tuesday.Over the weekend, WingRiders, an automated market maker (AMM) and decentralized exchange (DEX) on Cardano, hinted at a major announcement with the COTI network.announced plans to go public in a merger with Concord Acquisition Corp in July of 2021.
The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative.Iran and Russia Talk Stablecoin Payments for Bilateral Trade Settlements The Russian Federation is considering the creation of a stablecoin backed by gold that can be employed for cross-border settlements, including with Iran, the chairman of the Financial Market Committee at the lower house of Russian parliament, Anatoly Aksakov, told the Parlamentskaya Gazeta newspaper.Djed will be backed by other tokens and requires more than 400% in collateral value to be posted before it is issued to a user.“We discussed the issuance of stablecoins, digital financial assets (DFAs) backed by certain valuables.The process, which takes 14 days, is expected to be completed next week ahead of the launch.For example, I spoke about gold, gold bars, refineries can provide them, or centers where gold is stored, and DFAs are issued against these reserves,” the lawmaker explained after a visit by a Russian delegation to the Islamic Republic.Djed is expected to go live on over 40 Cardano-based decentralized finance applications (dApps) on launch, as per a November on The Block.Such a stablecoin can then be used as a means of payment, in mutual settlements between Russia and Iran for example, Aksakov elaborated, also quoted by the Interfax news agency.Although the digital asset world was experiencing near euphoric highs when Circle first announced plans to go public — with bitcoin and ethereum on their way to notch record trading prices a few months later — the USDC issuer says market turmoil is not to blame for the squashed SPAC deal.
He added that the proposal has been received with interest from the Iranian side.The Cardano dApp ecosystem locks up over $72 million worth of tokens as of Wednesday, DefiLlama data shows.xyz, where SHEN holders will be able to track extra rewards from staked ADA deposited to the Djed smart contract.The high-ranking member of the State Duma further noted that Iran has a large debt for goods supplied by Russia.At the same time, the Iranian currency, the rial, fluctuates significantly and has two exchange rates to the U.”As part of our effort to stake the ADA that is deposited to the Djed smart contract and generate extra rewards for SHEN holders, we are developing a snapshot mechanism and UI that will be added to , where SHEN holders will be able to track these extra rewards,” developers said.S.dollar — the official, approved by the Central Bank of Iran, and the market rate — which is inconvenient in terms of calculations for Russian exports.5% in the past 24 hours, in line with a broader market drop.”We’re a novel company in a novel industry.
News that Tehran and Moscow are discussing the possible launch of a digital currency backed by gold came out earlier in January when the head of the Russian crypto industry association the business daily Vedomosti that Iran’s central bank is mulling over developing one with Russian participation.The token would be used to facilitate trade in the Persian region, the executive revealed.Gold-Backed Russian Digital Currency First Proposed in 2019 The idea to issue a Russian gold-backed stablecoin was initially circulated in May 2019, during a meeting at the State Duma joined by the governor of the Bank of Russia, Elvira Nabiullina.At the time, the member of the house Vladimir Gutenev suggested that the central bank should initiate talks on the matter with the other countries and insisted: Gold is the least vulnerable asset.We could probably find understanding in China, India, and Brazil.” The SEC declined to comment.
“But these are rather not cryptocurrencies, maybe so-called stablecoins,” remarked Anatoly Aksakov, while Nabiullina indicated that the monetary authority is open to a stablecoin backed by a real asset.A proposal for a ‘ golden ruble ’ stablecoin was also featured in a report by the VEB.RF Institute for Research and Expertise released in the summer of 2022.Pressed by Western sanctions, Russia and Iran have been also exploring options to use decentralized cryptocurrencies to circumvent restrictions in foreign trade.In August, last year, Iran placed its first official import.